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| SugarOak Success Stories |
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| Case Study: |
Godwin Business Park |
| Location: |
Manassas, Virginia |
| Purchase Date: |
February 2001 |
| Size: |
60,000 sq ft |
| Purchase Price: |
$3,100,000 |
Post-Purchase
Investment: |
$1,200,000 |
| Gross Sale Price: |
$5,175,000 |
| Sale Date: |
January 2002 |
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Godwin Business Park was purchased by SugarOak Properties in February 2001 from a distressed seller at the behest of his lender.
At the time of purchase, the property had been poorly managed and maintained for a number of years. In addition, the seller, who was the largest tenant in the building, was in bankruptcy and vacated the property at the closing, leaving the property 40% leased.
SugarOak immediately implemented a plan which addressed the maintenance issues at the property as well as the 60% vacancy rate. SugarOak determined that the best use of the property was as an office facility rather than a combination of office, warehouse and light assembly space. Based on this conclusion, the parking at the building was inadequate and was hindering the leasing effort. SugarOak redesigned both the upper and lower parking lots to provide 45 additional parking spaces, completely upgraded the landscaping and site lighting, and painted the rear of the building to give it a “finished” look. The cost of these improvements and of carrying the property until lease up was achieved was approximately $1,200,000.
These efforts, along with an aggressive leasing initiative resulted in signing over 30,000 square feet of new leases, bringing the occupancy of the building up to 92% by the fall of 2001.
The property was sold on January 10, 2002 for approximately $5,175,000. |
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